It is no secret that well thought out, thoroughly planned and precisely implemented home improvements can add value to any property; however it is becoming increasingly common to hear of DIY SOS situations that despite their best intentions have resulted in catastrophic results.
With homeowners becoming progressively pressured by rising bills, higher taxes and depreciating property prices it comes as no surprise to hear that more and more people are now taking home improvement projects into their own hands. Although such cost cutting methods can have short term financial rewards, botched work and uneducated judgement can cause more harm than good in the long term.
Homeowners that are serious about adding real value to their property will always conduct in depth research on property development through primary resources such as professional expert advice. Even those with prior experience in such developments will also seek secondary advice before any plans are set in stone. Therefore to be successful in your attempt to add real value to your property and to navigate your way up the property ladder it is imperative to do your research.
There are hundreds of ways to improve a property, big and small, however some offer greater financial benefit than others. When we talk about financial benefit one must first consider the original value of the property, the cost of improvements and the end value of the property. For example…
Start Value of Property: £100,000 + Cost of Improvement: £7,000 = £107,000
In the above example the improvement must add more than £7,000 to the overall value of the property for it to be deemed as financially beneficial, therefore when the property is evaluated it must be higher than £107,000 or the improvements will be considered as inefficient. Although this principle is basic it highlights the importance of tight cost control and budgeting throughout improvements.
Costs can quickly escalate when improvements such as building an extension require planning permission, specialist Lifting Site Equipment and skilled professionals therefore it is vital that all potential eventualities and costs are evaluated prior to undertaking such tasks. Although it may seem pessimistic always picture the worst case scenario and be prepared for a few stumbling blocks along the way.
Home improvements aren’t for the light hearted and can cause considerable amounts of stress; however such negatives are more than worthwhile when one considers the potential financial benefits. To conclude, no one said it would be an easy process to make a well-constructed plan come together perfectly. If you are about to take on such tasks we wish you the best of luck and hope that you are pleased with the end result from both a personal and financial perspective.
About the author: Chris Algar writes on behalf of Lifting-equipment.co.uk who specialise in the hire and sale of both general and heavy lifting equipment such as site hoists and lifting beams.